Chinese offshore oil and gas giant CNOOC Ltd announced a 9% increase in its third-quarter net income compared to the previous year, as higher oil and gas output offset lower realized oil prices.

The company’s net profit from July to September reached 36.93 billion yuan ($5.2 billion), up from 33.88 billion yuan a year ago.

Despite a 13.5% decline in revenue to 99.25 billion yuan, CNOOC’s total net oil and gas production rose by 7% year-on-year to 179.6 million barrels of oil equivalent (boe) during the third quarter.

The company’s realized oil price for the period was 8.2% lower at $76.41 a barrel compared to the previous year.

Between January and September, CNOOC’s net production from China grew by 6.8% to 369.2 million boe, driven by the increased output from the Bozhong 19-6 field offshore north China and the Enping 20-4 field in the South China Sea.

Overseas production also surged by 12.2% to 172.9 million boe, driven by the start-up of the Payara project in Guyana.

The company said in August it aimed to pump a record 700 million to 720 million barrels of oil equivalent for 2024, or 3% to 6% above the level of last year.

Capital spending for the quarter stood at 32.2 billion yuan, down 2.2% year-on-year, while total capital expenditure for the first nine months of the year increased by 6.6% to 95.3 billion yuan.

The company has targeted annual capital expenditure of 125 billion to 135 billion yuan, compared to last year’s 129.6 billion yuan.